IMF confirms Egypt scraps plans for loan program

Egypt has told the International Monetary Fund it has no need for an IMF loan program, an IMF spokesman said on Saturday.

The IMF said revisions to Egypt's 2011/12 budget will cut the fiscal target to 8.6 percent of gross domestic product from 11 percent.

In light of these changes, the authorities see no immediate need for a financial arrangement from the IMF, the spokesman said, adding: The IMF continues to maintain a close policy dialogue with the authorities.